Transeuro pulls summons for meeting meant to OK convertibles standstill agreement, waiver extension

By Toni Weeks

San Luis Obispo, Calif., Nov. 21 – Transeuro Energy Corp. withdrew the summons for the meeting of holders of its senior secured convertible bonds due 2015, according to a notice from bond trustee Nordic Trustee ASA.

The meeting, to be held Friday in Oslo, was meant to obtain approval from bondholders to extend their standstill agreement to March 15 from Nov. 15.

No other information was given in the notice.

As previously reported, the extension includes a request for a waiver of the listing requirement under the terms of the loan agreement and the restriction of asset disposal.

The company said the proposal, if passed, will allow it to continue as a going concern.

The bondholders and the company reached the standstill agreement in July after the company failed to make the interest payment that was due May 22. The standstill is meant to give the company time to sell some assets, the proceeds of which would be used to make the interest payment, including late payment interest, and other payments needed in order for its shares to resume trading on the TSX Venture Exchange and the Oslo Stock Exchange.

At least 50% of the bonds needed to be represented at the meeting in order to form a quorum, and the holders of at least two-thirds of the bonds represented at the meeting had to vote in favor of the proposal in order for it to pass.

Transeuro Energy is a junior oil and gas exploration company based in Calgary, Alta.

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